Weekly Roundup 02/17/23 (BUSD Wells notice, Howey vs Reves, the SEC’s custody guidance) (EP.397)
On The Brink with Castle Island
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The Reeves Case Is the Second Securities Determinant Case Alongside Howie.
This was the biggest rollercoaster week from a regulatory perspective that I think I've had since I've been in crypto. The first thing that happened was around stablecoins. Paxos, of course, is the provider of the BUSD stablecoin,. And so it's critical to point out here that Paxos also does USDP, which is their own stable coin. But they were ordered to halt the Binance version of this, not their own version.
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